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2021-03-31-accounts

Charity registration number: 282096

THE ELIZABETH AND PRINCE ZAIGER TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Chartered Accountants

THE ELIZABETH AND PRINCE ZAIGER TRUST

CONTENTS

Reference and Administrative Details 1
Trustees' Report 2 to 5
Independent Auditors' Report 6 to 8
Statement of Financial Activities 9
Balance Sheet 10
Cash Flow Statement 11
Notes to the Financial Statements 12 to 20

THE ELIZABETH AND PRINCE ZAIGER TRUST REFERENCE AND ADMINISTRATIVE DETAILS

Trustees Mr Derek Geoffrey Long
Mr Edward David Parry
Mr Peter John Harvey
Mr David John Davidge
Dr Robin William Keyte
Principal Office Gatesmoor
Hawkridge
Spaxton
Bridgwater
Somerset
TA5 1AL
Charity Registration Number 282096
Solicitors Chubb Bulleid
Langler House
Market Place
Somerton
Somerset
TA11 7LZ
Auditor Edwards and Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA
Investment managers J M Finn & Co
25 Copthall Avenue
London
EC2R 7AH

THE ELIZABETH AND PRINCE ZAIGER TRUST

TRUSTEES' REPORT

The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2021.

Objectives and activities

Objects and aims

The objects of the charity as stated in the Declaration of Trust are as follows:1 The relief of elderly persons by the provision of financial and other benefits.

2 The relief of mentally or physically handicapped persons by the provision of facilities and amenities.

3 The advancement of the education of children and young persons.

4 The provision of care and protection for animals in need of care and attention from whatever cause and to prevent cruelty to animals.

5 Such other charitable purposes and institutions as the trustees shall from time to time in their absolute discretion determine.

Public benefit

Every application of the charity funds must be exclusively for charitable purposes and the Charity Commission's public benefit test is satisfied insofar as all net funds earned are donated for charitable purposes. The charity's objects are achieved through granting funds out of income predominantly to organisations which are registered charities.

The trustees' policy is to maintain an on-going (but entirely discretionary) programme of annual support for chosen charitable organisations to which most of the charity's funds are donated. However, the trustees also make grants to newly identified charitable organisations so long as such grants comply with the Declaration of Trust and do not affect the level of support for existing charities. On a very limited and carefully scrutinised basis, the trustees also very occasionally make grants to individuals in need.

Grant making policies

The charity has no on-going grant or other material commitments or obligations. Each grant is decided in the current financial year on the basis of the funds expected to be available when the major grant-making decisions are made in February/March and the trustees' priorities in terms of the Declaration of Trust. There is no issue, therefore, about the charity's ability to meet its commitments.

Achievements and performance

The trustees met during the year to review the performance of the charity's investments, to assess the risks facing the charity, and to consider and respond to the applications for grant aid.

During the year, the trustees made 96 grants totalling £653,000 (2020: £690,000). The range of grants was £2,000 to £25,000. Since the charity's establishment in 1981, grants totalling £13,296,005 have been made.

The total return on investments (including unrealised gains) for 2021 was 20.86% (2020: -5.02%). This compares with the current MSCI PIMFA Balanced benchmark of 22.04%. Brokers' fees represent 12% of investment income received and 10% of total expenditure.

THE ELIZABETH AND PRINCE ZAIGER TRUST

TRUSTEES' REPORT

Financial review

The charity's unrestricted income from its investments totalled £584,391 in the year, a decrease of 16% on 2020. Unrestricted fund expenditure was marginally lower at £657,920 (2020: £695,412), resulting in net expenditure (deficit) of £73,529 on unrestricted funds (2020: surplus of £3,299).

The sale of investments during the year realised gains of £134,464 (2020: losses of £210,643), while gains on the revaluation of investments at market value at the year end were £3,027,290 (2020: losses of £1,292,171). After deducting brokers' fees of £71,531, the net income (surplus) for the year on endowment funds was £3,090,223.

The financial position of the charity continues to be sound, with total assets of £21,246,472 (2020: £18,116,658) and liabilities of £330,680 (2020: £217,560), total funds standing at £20,915,792 at the balance sheet date (2020: £17,899,098). The trustees are therefore confident that there are sufficient funds to carry out the charity's future charitable objectives.

Policy on reserves

The trustees' policy in general is to apply all available income after necessary costs to making grants in accordance with the objects, rather than increasing reserves out of income. Unrestricted reserves at 31 March 2021 stood at £478,309. It is the trustees' intention to run down unrestricted reserves gradually over a period of years consistent with ensuring a reasonably steady grant policy, it having been established that the principal beneficiaries preferred a steady rather than fluctuating income. The trustees expect to distribute much of the income reserve over the next few years, leaving a balance to cover the cost of dissolving the charity (should the need arise), possible urgent needs from beneficiaries and any other contingencies which might arise.

The trustees have no powers to distribute the endowment fund which totalled £20,437,483 at 31 March 2021.

Investment policy and objectives

The trustees, in conjunction with the investment managers, have considered the most appropriate policy for investing funds on the charity's behalf, with a view to a medium risk profile providing a combined return from income and capital growth. The work of the investment managers is overseen by the trustees. As the main source of income to the charity is from investments, the major risks to which the charity is exposed are a general downturn in the global economy and uncertainty relating to the COVID pandemic. Turbulent market conditions reducing investment income would be mitigated by reducing the level of grant payments.

The portfolio is diversified in various sectors and holds investments in cash, fixed interest securities (government and corporate), equities and property. The majority of funds are invested in the United Kingdom, in regulated markets, and, in the case of equity investments, in companies with a significant capital base.

Plans for future periods

Aims and key objectives for future periods

The trustees intend to continue to make grants to other charitable organisations in accordance with the charity's objects.

THE ELIZABETH AND PRINCE ZAIGER TRUST

TRUSTEES' REPORT

Structure, governance and management

Nature of governing document

The Elizabeth and Prince Zaiger Trust was founded by the late Alec Lentorn Zaiger (date of death 16 April 1985), David John Davidge and Eric Samuel Forknall by a Declaration of Trust dated 19 January 1981 and is a registered charity (no 282096).

The Declaration of Trust established a permanent endowment and the funds invested therein, or in the event of sale or conversion, investments representing the fund, are held on the charity's capital account. The net income of the fund is applied for the present or future benefit of the stated objects and may, to this end, be accumulated if the trustees see fit and held on the charity's income account.

Recruitment and appointment of trustees

The current trustees expect to remain in place for the foreseeable future. When the need arises to replace a retiring trustee, the remaining trustees would explore their own contacts for a suitably qualified candidate and the necessity for training would be assessed as part of the recruitment process.

Arrangements for setting key management personnel remuneration

No remuneration, benefits or reimbursed expenses are paid to the trustees.

Organisational structure

The charity is an unincorporated association. It is an individual undertaking and not part of a group. The trustees communicate and meet regularly to deal with charity issues and to make grants.

The trustees confirm they have put in place procedures to manage and mitigate the risks facing the charity.

THE ELIZABETH AND PRINCE ZAIGER TRUST

TRUSTEES' REPORT

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

The annual report was approved by the trustees of the charity on 10 January 2022 and signed on its behalf by:

Mr Edward David Parry Trustee

THE ELIZABETH AND PRINCE ZAIGER TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ELIZABETH AND PRINCE ZAIGER TRUST

Opinion

We have audited the financial statements of The Elizabeth and Prince Zaiger Trust (the 'charity') for the year ended 31 March 2021, which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

THE ELIZABETH AND PRINCE ZAIGER TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ELIZABETH AND PRINCE ZAIGER TRUST

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 5), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

THE ELIZABETH AND PRINCE ZAIGER TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ELIZABETH AND PRINCE ZAIGER TRUST

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

This report is made solely to the charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our work has been undertaken so that we might state to the trustees those matters we are required to state to trustees in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Ian Carrington FCA (Senior Statutory Auditor) For and on behalf of Edwards and Keeping, Statutory Auditor

Unity Chambers 34 High East Street Dorchester Dorset DT1 1HA

10 January 2022

THE ELIZABETH AND PRINCE ZAIGER TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

Note
Income and Endowments from:
Investment income
2
Expenditure on:
Raising funds
3
Charitable activities
4
Total expenditure
Gain/(loss) on revaluation of
investments
8
Gain/(loss) on disposal of
investments
8
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
11		 Unrestricted
funds
£
584,391
-
(657,920)
(657,920)
-
-
(73,529)
551,838
478,309		 Endowment
funds
£
-
(71,531)
-
(71,531)
3,027,290
134,464
3,090,223
17,347,260
20,437,483		 Total
2021
£
584,391
(71,531)
(657,920)
(729,451)
3,027,290
134,464
3,016,694
17,899,098
20,915,792		 Total
2020
£
698,711
(70,286)
(695,412)
(765,698)
(1,292,171)
(210,643)
(1,569,801)
19,468,899
17,899,098

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2020 is shown in note 11.

THE ELIZABETH AND PRINCE ZAIGER TRUST

BALANCE SHEET AS AT 31 MARCH 2021

Note
Fixed assets
Investments
8
Current assets
Debtors
9
Cash at bank and in hand
Creditors: Amounts falling due within one year
10
Net current assets
Net assets
Funds of the charity:
Endowment funds
Unrestricted income funds
Unrestricted funds
Total funds
11		 2021
£
20,728,113
-
518,359
518,359
(330,680)
187,679
20,915,792
20,437,483
478,309
20,915,792		 2020
£
16,858,413
3,869
1,254,376
1,258,245
(217,560)
1,040,685
17,899,098
17,347,260
551,838
17,899,098

The financial statements on pages 9 to 20 were approved by the trustees, and authorised for issue on 10 January 2022 and signed on their behalf by:

Mr Edward David Parry Trustee

THE ELIZABETH AND PRINCE ZAIGER TRUST

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021

Note
Cash flows from operating activities
Net cash income/(expenditure)
Adjustments to cash flows from non-cash items
Investment income
2
Revaluation of investments
8
Working capital adjustments
Decrease in debtors
9
Increase in creditors
10
Net cash flows from operating activities
Cash flows from investing activities
Purchase of investments
8
Sale of investments
8
Income from dividends
Interest receivable on cash deposits
Net cash flows from investing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at 1 April 2020
Cash and cash equivalents at 31 March 2021
Reconciliation of net cash flow to movement in net funds
(Decrease)/increase in cash
Net funds at 1 April 2020
Net funds at 31 March 2021		 2021
£
3,016,694
(584,391)
(3,161,754)
(729,451)
3,869
113,120
(612,462)
(4,307,700)
3,599,754
584,287
104
(123,555)
(736,017)
1,254,376
518,359
(736,017)
1,254,376
518,359		 2020
£
(1,569,801)
(698,711)
1,502,814
(765,698)
7,602
44,000
(714,096)
(2,229,672)
2,699,724
694,736
3,975
1,168,763
454,667
799,709
1,254,376
454,667
799,709
1,254,376

All of the cash flows are derived from continuing operations during the above two periods.

THE ELIZABETH AND PRINCE ZAIGER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis of preparation

The Elizabeth and Prince Zaiger Trust is an unincorporated association established under trust deed in 1981 and is registered as a charity in England and Wales.

The Elizabeth and Prince Zaiger Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The accounts are presented in £ sterling.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income and endowments

All income is recognised when the charity has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount receivable can be measured reliably. No expenditure is netted off income.

Investment income

Investment income, which is unrestricted, is derived from dividends, interest from quoted securities and deposit accounts, arising from endowment assets and includes any related tax recoverable. Interest on funds held on deposit is included upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable that settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category.

Charitable activities

Charitable expenditure includes grants payable to third parties in the furtherance of the charitable objects of the charity.

Grant expenditure

The charity has no specific commitments or obligations to make grants to any organisations. The recipient and amount of each grant is decided on a discretionary basis during the year.

Grant provisions

In the case of an unconditional grant offer, this is accrued once the trustees have agreed to award the grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant are outside of the control of the charity.

THE ELIZABETH AND PRINCE ZAIGER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Fixed asset investments

Fixed asset investments, representing the permanent endowment, are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The charity does not acquire or use put options, derivatives or other complex financial instruments.

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.

Fund structure

Unrestricted funds are expendable at the discretion of the trustees in furtherance of the objects of the charity.

The permanent endowment fund was established under the charity's Declaration of Trust and investment assets representing these capital endowment funds are held separately. The income from capital endowment investments may be applied for the present or future benefit of the stated objects and is therefore shown as unrestricted in the statement of financial activities. Capital endowment funds include all subsequent gains and losses, both realised and unrealised arising from endowment assets.

2 Investment income

Interest receivable on cash deposits
Dividends and interest from fixed asset investments		 Unrestricted
funds
General
£
104
584,287
584,391		 Total
2021
£
104
584,287
584,391		 Total
2020
£
3,975
694,736
698,711

All investment income in both years is attributable to unrestricted income funds.

THE ELIZABETH AND PRINCE ZAIGER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

3 Expenditure on raising funds

a) Investment management costs

Brokers' fees Endowment
funds
Permanent
£
71,531
71,531		 Total
2021
£
71,531
71,531		 Total
2020
£
70,286
70,286

4 Expenditure on charitable activities

Note
Grant funding of activities
6
Governance costs
5		 Unrestricted
funds
General
£
653,000
4,920
657,920		 Total
2021
£
653,000
4,920
657,920		 Total
2020
£
690,000
5,412
695,412

5 Analysis of governance and support costs

Governance costs

Audit fees
Audit of the financial statements
Other fees paid to auditors
Bank charges
Sundry expenses		 Unrestricted
funds
General
£
2,680
2,000
240
-
4,920		 Total
2021
£
2,680
2,000
240
-
4,920		 Total
2020
£
2,610
1,950
240
612
5,412

THE ELIZABETH AND PRINCE ZAIGER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

6 Grant-making

Analysis of grants

Analysis of grants
Grants to institutions
2021 2020
£ £
Analysis
Grants to institutions 653,000 690,000

Below are details of material grants made to institutions.

THE ELIZABETH AND PRINCE ZAIGER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2021 2020
Name of institution £ £
Alzheimer’s Society 5,000 5,000
Arts Emergency 3,000 3,000
Belle's Story 3,000 -
Brainwave 15,000 15,000
British Heart Foundation 3,000 -
Cambridge House 4,000 4,000
Centre 70 20,000 20,000
CHICKS 6,000 6,000
Childhood First 3,000 4,000
Children's Family Trust 6,000 6,000
Children's Heart Foundation 7,000 7,000
Children's Hospice SW 12,000 14,000
CLIC (Cancer & Leukaemia in
Childhood) 12,000 12,000
Compass Disability Services 4,000 4,000
Conquest Centre 5,000 7,000
Cued Speech 4,000 4,000
Cystic Fibrosis Trust 4,000 4,000
DEMAND (Design & Manufacture for
Disability) 4,000 4,000
Designability Charity Ltd (previously
Bath Institute of Medical
Engineering) 8,000 8,000
Disability Rights UK (previously
RADAR) 12,000 12,000
Dogs' Trust 5,000 5,000
Dorset & Somerset Air Ambulance
Trust 12,000 12,000
Dreamflight 6,000 6,000
Dyspraxia Foundation 6,000 -
Earl Mountbatten Hospice 12,000 12,000
Envision 5,000 5,000
Escape Support Group 3,000 3,000
Ferne Animal Sanctuary 3,000 3,000
Fiveways School Yeovil 10,000 10,000
Friends of Selworthy School 5,000 5,000
Friends of the Family 3,000 3,000
Go Kids Go (previously Assoc of
Wheelchair Children) 8,000 8,000
Guide Dogs for the Blind Association 5,000 5,000
Happy Landings 3,000 3,000
Help the Child 5,000 5,000
Home-Start Southwark 2,000 2,000
Horses and Handprints 3,000 3,000
In Charley's Memory 3,000 3,000
It's in the Bag 5,000 5,000
Juvenile Diabetes Research
Foundation 10,000 10,000
KIDS 6,000 6,000

THE ELIZABETH AND PRINCE ZAIGER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

King's College Hospital Charity 17,000 15,000
L'Arche 4,000 4,000
Leeds Women's Aid 5,000 5,000
Linkage Southwark (formerly
Dulwich Helpline) 5,000 5,000
Lords Taveners 10,000 9,000
Macmillan Cancer Support 12,000 12,000
Mary Minet Trust 5,000 5,000
Mendip YMCA (was Yeovil Foyer) 7,000 10,000
Motor Neurone Disease Association 12,000 12,000
Neuromuscular Centre 5,000 5,000
Open Door Taunton 5,000 5,000
Paxton Green Time Bank 4,000 4,000
Penny Brohn Cancer Care 5,000 5,000
Prostate Cancer UK 3,000 5,000
Reach 4,000 4,000
RendezVous (Sherborne Youth
Resource Centre) 5,000 5,000
River Thames Boat Project 3,000 3,000
Robes Project 20,000 15,000
Roslin Hall Endowment House
Torquay 4,000 4,000
Roy Castle Lung Cancer Foundation 6,000 6,000
Royal Hospital for Neurodisability 10,000 14,000
SAFE Partnership Ltd 6,000 6,000
Samaritans 6,000 6,000
Seafarers UK (King George's Fund
for Sailors) 8,000 8,000
Sherborne CAB 8,000 8,000
Somerset Sight 9,000 9,000
Somerset Trust for Art and
Recreation 5,000 5,000
Somerset & Wessex Eating Disorder
Assn. (SWEDA) 5,000 5,000
Southampton Hospitals Charity 3,000 -
Spark Somerset 7,000 7,000
Spinal Injuries Association 4,000 4,000
Springboard Opportunity Group 3,000 3,000
St Christopher's Hospice 10,000 13,000
St David's Foundation 4,000 5,000
St Giles Trust 15,000 15,000
St Margaret's Somerset Hospice 12,000 12,000
St Michael's Fellowship 5,000 5,000
Stemette Futures 3,000 -
SWMS Centre 4,000 4,000
Teddington Lifeboat 3,000 3,000
Teenage Cancer Trust 14,000 14,000
Theatre Peckham - Youth Outreach
Programme 6,000 6,000
The Brain Tumour Charity 3,000 3,000

THE ELIZABETH AND PRINCE ZAIGER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

The Chesnut Appeal
The Douglas Bader Foundation
(Bader Braves)
The Stars Appeal
Theodora Children’s Charity
Topsham Adventure Centre
Treloar Trust
Ty Hafan
Trelya
Variety, the Children's Charity
Versus Arthritis
Whizz Kidz
Yeovil Day Centre Society
Young Somerset		 5,000
10,000
7,000
7,000
3,000
17,000
-
3,000
25,000
5,000
10,000
4,000
3,000
653,000		 5,000
9,000
50,000
7,000
3,000
17,000
3,000
3,000
25,000
5,000
10,000
4,000
3,000
690,000

Grants to individuals amounted to £Nil in the year ended 31 March 2021 (2020: £Nil).

Donations and grants were awarded during the year to the above institutions and individuals in accordance with the charity's objects. All donation and grants payable are charged to unrestricted income funds.

7 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

THE ELIZABETH AND PRINCE ZAIGER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

8 Fixed asset investments

Other investments

Cost or Valuation
At 1 April 2020
Unrealised gains on revaluation
Realised gains on disposals
Additions
Disposals
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Listed
investments
£
16,858,413
3,027,290
134,464
4,307,700
(3,599,754)
20,728,113
20,728,113
16,858,413		 Total
£
16,858,413
3,027,290
134,464
4,307,700
(3,599,754)
20,728,113
20,728,113
16,858,413

All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

9 Debtors

Other debtors
10 Creditors: amounts falling due within one year
Grant commitments
Accruals		 2021
£
-
2021
£
326,000
4,680
330,680		 2020
£
3,869
2020
£
213,000
4,560
217,560

THE ELIZABETH AND PRINCE ZAIGER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

11 Funds
Unrestricted funds
General
Endowment funds
Permanent
Total funds
Unrestricted funds
General
Endowment funds
Permanent
Total funds		 Balance at
1 April
2020
£
551,838
17,347,260
17,899,098
Balance at
1 April
2019
£
548,539
18,920,360
19,468,899		 Incoming
resources
£
584,391
-
584,391
Incoming
resources
£
698,711
-
698,711		 Resources
expended
£
(657,920)
62,933
(594,987)
Resources
expended
£
(695,412)
(280,929)
(976,341)		 Other
recognised
gains
£
-
3,027,290
3,027,290
Other
recognised
losses
£
-
(1,292,171)
(1,292,171)		 Balance at
31 March
2021
£
478,309
20,437,483
20,915,792
Balance at
31 March
2020
£
551,838
17,347,260
17,899,098

The specific purposes for which the funds are to be applied are as follows:

Capital endowment funds represent investments and property donated to the charity at its inception under the terms of the trust deed. These assets may be sold and converted into assets of like nature at the trustees' discretion. Net proceeds from the sale of endowment property are shown as endowment income. Gains and losses on disposal and revaluation of investments and investment management costs are included in endowment funds, but all investment income is credited to unrestricted income funds.

12 Analysis of net assets between funds

Fixed asset investments
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
-
518,359
(40,050)
478,309		 Endowment
funds
Permanent
£
20,728,113
-
(290,630)
20,437,483		 Total funds
£
20,728,113
518,359
(330,680)
20,915,792